California bad credit loans offer borrowers access to a fixed amount of money that can be paid off over several years. These loans can be an alternative resource for people with bad credit looking to avoid short-term payday loans.
Installment loans for bad credit typically offer a cheaper way to borrow money than a payday loan. Plus, with on-time monthly payments, you have a chance to build a positive credit history.
Online lenders have made it quite easy to get approved for California bad credit loans.
Instead of traveling from bank to bank you can research lenders, check your eligibility without a hard-pull on your credit report, and get funded as soon as the next business day in most cases.
California bad credit direct lenders
Risky borrowers will likely pay a higher rate than good credit borrowers. But keep in mind that most California bad credit loans allow you to repay the loan early without a pre-payment fee.
1. Universal Credit |
| About Universal Credit: Upgrade was founded in 2017 in San Francisco, with offices in Atlanta, Phoenix and Montreal. Upgrade offers personal loans to borrowers with good to bad credit. Loan amounts range from $1,000 to $50,000, and funds are typically funded as soon as the next business day. Borrowers can use the funds for a variety of purposes, including debt consolidation, home improvements, and large purchases. Universal Credit details:
|
| APPLY NOW |
2. OppLoans
|
| About OppLoans: OppLoans started in 2012 to give people with less than perfect credit access to no collateral signature loans. If you’ve exhausted all other borrowing options, OppLoans may be the solution in an emergency. While their loans have longer terms than payday loans, OppLoans’ rates are like payday loans, ranging from 59% to 160%. Proceed with caution if you decide to accept a loan offer but keep in mind, you can pay this loan off early to save money on interest. OppLoans details:
|
| APPLY NOW |
3. CashUSA |
| CashUSA is a lending network that connects borrowers with multiple lenders that make pre-qualify with a soft credit pull. If you’re prequalified, you will be asked to complete a loan application and have your funds deposited into a linked bank account within one business day. CashUSA details:
|
| APPLY NOW |
4. LendingPoint |
| LendingPoint loans start at $2,000 up to $36,500, with funding available as soon as the next business day. Loan amounts are lower than some competitors but no collateral is required. LendingPoint reports payments to two of the three major credit bureaus, which can help improve your credit score over time. LendingPoint details:
|
| APPLY NOW |
5. BadCreditLoans |
| BadCreditLoans offers personal loans that range from $500 to $10,000 with repayment terms from up to 36 months. BadCreditLoans makes it easier for people with bad to find a loan because you complete one application and one credit check to potentially get connected with lenders who may be willing to approve your application. BadCreditLoans details:
|
| APPLY NOW |
Benefits of borrowing with an online lender
Online lenders for California bad credit loans can tell you instantly if you’re approved, how much you can borrow, and what your payments will look like – all with no impact on your FICO credit score. Banks and credit unions cannot compete when it comes to the immediate approval of California bad credit loans.
Typically, a bank loan officer will need to review the application, you may be required to submit documentation, then wait for an answer for several days or even weeks.
Requirements for California bad credit loans
Like most loans, there is standard information and documentation necessary to apply for a California bad credit loan but the application process is completed entirely online. You will need the following:
- Must be 18+ years old.
- Must be a legal resident of the US.
- Personal information such as your Social Security Number and address.
- Monthly income from a job, self-employment or benefits like SSI, disability, or retirement.
- Financial information (such as information about your expenses like monthly rent or mortgage payment).
- Have an active checking account. (If you currently don’t have a checking account due to ChexSystems, banks that don’t use ChexSystems will open a new account for you.
Shop Online for a Loan without hurting your score
With online bad credit loans in California, it’s fairly safe to shop around. Just make sure the online lender states they prequalify borrowers without impact on your credit score.
When you prequalify for a loan, a lender gives you a general idea of how much you might be able to borrow and with what terms without using a hard inquiry to check your credit history.
